**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, DC  20549**

**FORM N-Q**

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANANGEMENT INVESTMENT COMPANY

 

**Investment Company Act file number 811-02679**

**DAVIS SERIES, INC.**

(Exact name of registrant as specified in charter)

2949 East Elvira Road, Suite 101

Tucson, AZ  85756

(Address of principal executive offices)

 

Thomas D. Tays

Davis Selected Advisers, L.P.

2949 East Elvira Road, Suite 101

Tucson, AZ  85756

(Name and address of agent for service)

 

Registrant’s telephone number, including area code: 520-806-7600

**Date of fiscal year end: December 31, 2009**

 

**Date of reporting period: March 31, 2009**

 

 

**ITEM 1.  SCHEDULE OF INVESTMENTS**

 

 

 

 

 

**DAVIS SERIES, INC.**

**Schedule of Investments**

**DAVIS OPPORTUNITY FUND**

**March 31, 2009*****(Unaudited)***

 

**Shares**

 

**Security**

 

**Value**

 
**COMMONSTOCK - (95.75%)**

 
 

**CONSUMER DISCRETIONARY – (20.75%)**

 
 

**Automobiles & Components – (0.11%)**

 
 

34,990

Johnson Controls, Inc.   

 

$

419,880

 
 

**Consumer Durables & Apparel – (3.83%)**

 
 

349,610

Garmin Ltd.   

 

 

7,413,480

 
 

323,279

Hunter Douglas NV  (Netherlands) 

 

 

7,545,138

 
 

14,958,618

 
 

**Consumer Services – (3.53%)**

 
 

173,830

H&R Block, Inc.   

 

 

3,161,968

 
 

387,750

Yum! Brands, Inc.   

 

 

10,655,370

 
 

13,817,338

 
 

**Media – (12.09%)**

 
 

1,360,400

Comcast Corp., Special Class A   

 

 

17,508,348

 
 

592,020

Grupo Televisa S.A., ADR  (Mexico) 

 

 

8,075,153

 
 

275,416

Lagardere S.C.A.  (France) 

 

 

7,728,512

 
 

44,180

Liberty Media Corp. - Entertainment, Series A  * 

 

 

882,274

 
 

132,500

News Corp., Class A   

 

 

877,150

 
 

671,800

Walt Disney Co.   

 

 

12,199,888

 
 

47,271,325

 
 

**Retailing – (1.19%)**

 
 

38,440

CarMax, Inc.  * 

 

 

478,194

 
 

69,970

Liberty Media Corp. - Interactive, Series A  * 

 

 

202,563

 
 

92,500

Netflix Inc.  * 

 

 

3,974,262

 
 

4,655,019

 
 

**Total Consumer Discretionary**

 

 

**81,122,180**

 
 

**CONSUMER STAPLES – (0.92%)**

 
 

**Food & Staples Retailing – (0.05%)**

 
 

4,140

Costco Wholesale Corp.   

 

 

191,723

 
 

**Food, Beverage & Tobacco – (0.87%)**

 
 

140,905

Heineken Holding NV  (Netherlands) 

 

 

3,415,893

 
 

**Total Consumer Staples**

 

 

**3,607,616**

 
 

**ENERGY – (6.65%)**

 
 

85,800

Devon Energy Corp.   

 

 

3,834,402

 
 

111,800

Occidental Petroleum Corp.   

 

 

6,221,670

 
 

224,110

Tenaris S.A., ADR  (Argentina) 

 

 

4,520,299

 
 

194,159

Transocean Ltd.  * 

 

 

11,424,315

 
 

**Total Energy**

 

 

**26,000,686**

 
 

**FINANCIALS – (14.20%)**

 
 

**Banks – (0.78%)**

 
 

**Commercial Banks – (0.78%)**

 
 

214,300

Wells Fargo & Co.   

 

 

3,051,632

 
 

**Diversified Financials – (8.47%)**

 
 

**Capital Markets – (4.51%)**

 
 

398,810

Bank of New York Mellon Corp.   

 

 

11,266,382

 
 

382,500

Charles Schwab Corp.   

 

 

5,924,925

 
 

251,315

E*TRADE Financial Corp.  * 

 

 

311,631

 
 

5,782

Julius Baer Holding AG  (Switzerland) 

 

 

142,068

 
 

17,645,006

 
 

**Diversified Financial Services – (3.96%)**

 
 

1,201

CME Group Inc.   

 

 

297,404

 
 

691,250

Oaktree Capital Group LLC, Class A  (a) 

 

 

9,331,875

 
 

**DAVIS SERIES, INC.**

**Schedule of Investments**

**DAVIS OPPORTUNITY FUND - (CONTINUED)**

**March 31, 2009*****(Unaudited)***

 

**Shares**

 

**Security**

 

**Value**

 
**COMMON STOCK - (CONTINUED)**

 
 

**FINANCIALS – (CONTINUED)**

 
 

**Diversified Financials – (Continued)**

 
 

**Diversified Financial Services – (Continued)**

 
 

110,235

Pargesa Holdings S.A., Bearer Shares  (Switzerland) 

 

$

5,849,010

 
 

15,478,289

 
 

33,123,295

 
 

**Insurance – (4.95%)**

 
 

**Insurance Brokers – (0.15%)**

 
 

31,746

Brown & Brown, Inc.   

 

 

600,317

 
 

**Life & Health Insurance – (0.21%)**

 
 

52,160

Power Corp. of Canada  (Canada) 

 

 

812,931

 
 

**Property & Casualty Insurance – (3.32%)**

 
 

1,800

Berkshire Hathaway Inc., Class B  * 

 

 

5,076,000

 
 

26,944

Markel Corp.  * 

 

 

7,648,863

 
 

51,740

MBIA Inc.  * 

 

 

236,969

 
 

12,961,832

 
 

**Reinsurance – (1.27%)**

 
 

1,900

Everest Re Group, Ltd.   

 

 

134,520

 
 

17,570

RenaissanceRe Holdings Ltd.   

 

 

868,661

 
 

111,325

Transatlantic Holdings, Inc.   

 

 

3,970,963

 
 

4,974,144

 
 

19,349,224

 
 

**Total Financials**

 

 

**55,524,151**

 
 

**HEALTH CARE – (17.07%)**

 
 

**Health Care Equipment & Services – (3.61%)**

 
 

7,950

Becton, Dickinson and Co.   

 

 

534,558

 
 

14,605

Cardinal Health, Inc.   

 

 

459,765

 
 

250,190

IDEXX Laboratories, Inc.  * 

 

 

8,640,312

 
 

10,500

Laboratory Corp. of America Holdings  * 

 

 

614,145

 
 

65,400

Medtronic, Inc.   

 

 

1,927,338

 
 

91,590

UnitedHealth Group Inc.   

 

 

1,916,979

 
 

14,093,097

 
 

**Pharmaceuticals, Biotechnology & Life Sciences – (13.46%)**

 
 

422,660

Johnson & Johnson   

 

 

22,231,916

 
 

266,900

Pfizer Inc.   

 

 

3,635,178

 
 

1,136,200

Schering-Plough Corp.   

 

 

26,757,510

 
 

52,624,604

 
 

**Total Health Care**

 

 

**66,717,701**

 
 

**INDUSTRIALS – (6.75%)**

 
 

**Capital Goods – (3.75%)**

 
 

1,360,568

Blount International, Inc.  * 

 

 

6,285,824

 
 

262,570

Shaw Group Inc.  * 

 

 

7,197,044

 
 

20,390

Siemens AG, Registered  (Germany) 

 

 

1,164,056

 
 

14,646,924

 
 

**Commercial & Professional Services – (1.61%)**

 
 

1,630

D&B Corp.   

 

 

125,510

 
 

278,510

Iron Mountain Inc.  * 

 

 

6,174,567

 
 

6,300,077

 
 

**Transportation – (1.39%)**

 
 

958,000

Clark Holdings, Inc.  *(b) 

 

 

598,750

 
 

2

 

 

**DAVIS SERIES, INC.**

**Schedule of Investments**

**DAVIS OPPORTUNITY FUND - (CONTINUED)**

**March 31, 2009*****(Unaudited)***

 

**Shares/Principal**

 

**Security**

 

**Value**

 
**COMMON STOCK - (CONTINUED)**

 
 

**INDUSTRIALS – (CONTINUED)**

 
 

**Transportation – (Continued)**

 
 

82,700

Kuehne & Nagel International AG, Registered  (Switzerland) 

 

$

4,825,503

 
 

5,424,253

 
 

**Total Industrials**

 

 

**26,371,254**

 
 

**INFORMATION TECHNOLOGY – (23.33%)**

 
 

**Semiconductors & Semiconductor Equipment – (3.30%)**

 
 

781,680

Texas Instruments Inc.   

 

 

12,905,537

 
 

**Software & Services – (16.08%)**

 
 

666,400

Activision Blizzard, Inc.  * 

 

 

6,967,212

 
 

152,772

Convera Corp., Class A  * 

 

 

27,117

 
 

94,169

Google Inc., Class A  * 

 

 

32,729,378

 
 

740,560

Microsoft Corp.   

 

 

13,581,870

 
 

164,000

SAP AG, ADR  (Germany) 

 

 

5,787,560

 
 

294,500

Yahoo! Inc.  * 

 

 

3,771,072

 
 

62,864,209

 
 

**Technology Hardware & Equipment – (3.95%)**

 
 

546,000

Agilent Technologies, Inc.  * 

 

 

8,392,020

 
 

296,540

Cisco Systems, Inc.  * 

 

 

4,967,045

 
 

64,900

Hewlett-Packard Co.   

 

 

2,080,694

 
 

15,439,759

 
 

**Total Information Technology**

 

 

**91,209,505**

 
 

**MATERIALS – (5.50%)**

 
 

59,000

Monsanto Co.   

 

 

4,902,900

 
 

262,560

Sigma-Aldrich Corp.   

 

 

9,911,640

 
 

961,400

Sino-Forest Corp.  (Canada)* 

 

 

6,702,654

 
 

**Total Materials**

 

 

**21,517,194**

 
 

**TELECOMMUNICATION SERVICES – (0.22%)**

 
 

27,550

American Tower Corp., Class A  * 

 

 

838,347

 
 

**Total Telecommunication Services**

 

 

**838,347**

 
 

**UTILITIES – (0.36%)**

 
 

80,250

NRG Energy, Inc.  * 

 

 

1,412,400

 
 

**Total Utilities**

 

 

**1,412,400**

 
 

 

**TOTAL COMMON STOCK  – (Identified cost $499,038,317)**

 

 

**374,321,034**

 
**CONVERTIBLEBONDS - (0.94%)**

 
 

**TELECOMMUNICATION SERVICES – (0.94%)**

 
$

5,600,000

Level 3 Communications, Inc., Conv. Sr. Notes, 10.00%, 05/01/11    

 

 

3,661,000

 
 

**TOTAL CONVERTIBLE BONDS – (Identified cost $5,600,000)**

 

 

**3,661,000**

 
**SHORTTERMINVESTMENTS - (3.41%)**

 
 

5,130,000

Banc of America Securities LLC Joint Repurchase Agreement,

 
 

0.22%, 04/01/09, dated 03/31/09, repurchase value of $5,130,031

 
 

(collateralized by: U.S. Government agency mortgage in a pooled cash account, 5.00%, 07/01/35, total market value $5,232,600)

 

 

5,130,000

 
 

4,109,000

Citigroup Global Markets, Inc. Joint Repurchase Agreement,

 
 

0.15%, 04/01/09, dated 03/31/09, repurchase value of $4,109,017

 
 

(collateralized by: U.S. Government agency mortgages in a pooled cash account, 4.00%-6.525%, 04/01/18-03/01/39, total market value $4,191,180)

 

 

4,109,000

 
 

3

 

 

**DAVIS SERIES, INC.**

**Schedule of Investments**

**DAVIS OPPORTUNITY FUND - (CONTINUED)**

**March 31, 2009*****(Unaudited)***

 

**Principal**

 

**Security**

 

**Value**

 
**SHORTTERMINVESTMENTS - (CONTINUED)**

 
$

3,078,000

Goldman, Sachs & Co. Joint Repurchase Agreement,

 
 

0.12%, 04/01/09, dated 03/31/09, repurchase value of $3,078,010

 
 

(collateralized by: U.S. Government agency mortgages in a pooled cash account, 4.00%-8.50%, 04/01/15-03/01/39, total market value $3,139,560)

 

$

3,078,000

 
 

1,026,000

Mizuho Securities USA, Inc., Joint Repurchase Agreement,

 
 

0.30%, 04/01/09, dated 03/31/09, repurchase value of $1,026,009

 
 

(collateralized by: U.S. Government obligation in a pooled cash account, 3.875%, 09/15/10, total market value $1,046,520)

 

 

1,026,000

 
 

**TOTAL SHORT TERM INVESTMENTS – (Identified cost $13,343,000)**

 

 

**13,343,000**

 
 

Total Investments – (100.10%) – (Identified cost $517,981,317) – (c)

 

 

391,325,034

 
 

Liabilities Less Other Assets – (0.10%)  

 

 

(395,523)

 
 

Net Assets – (100.00%)  

 

$

390,929,511

 
 

ADR: American Depositary Receipt

 

 
 

*

 

Non-Income producing security.

 

 
 

(a)

 

Illiquid Security – Securities may be considered illiquid if they lack a readily available market or if valuation has not changed for a certain period of time. The aggregate value of illiquid securities amounted to $9,331,875, or 2.39% of the Fund’s net assets as of March 31, 2009.

 

 
 

(b)

 

Affiliated Company.  Represents ownership of at least 5% of the voting securities of the issuer and is an affiliate, as defined in the Investment Company Act of 1940, at or during the period ended March 31, 2009.  The aggregate fair value of the securities of affiliated companies held by the Fund as of March 31, 2009, amounts to $598,750.  Transactions during the period in which the issuers were affiliates are as follows:

 

 
 
Security

 

Shares

December 31, 2008

 

Gross

Additions

 

Gross

Reductions

 

Shares

March 31, 2009

 

Dividend

Income

 
 
Clark Holdings, Inc.

 

958,000

 

–

 

–

 

958,000

$

–

 
 

(c)

 

Aggregate cost for federal income tax purposes is $523,189,089.  At March 31, 2009 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

 

 
 

Unrealized appreciation  

 

$

23,322,959

 
 

Unrealized depreciation  

 

 

(155,187,014)

 
 

Net unrealized depreciation 

 

$

(131,864,055)

 
 

Please refer to "Notes to Schedule of Investments" on page 21 for the Fund's policy regarding valuation of investments.

 

 
 

For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.

 

 
 

4

 

 

**DAVIS SERIES, INC.**

**Schedule of Investments**

**DAVIS GOVERNMENT BOND FUND**

**March 31, 2009*****(Unaudited)***

 

**Principal**

 

**Security**

 

**Value**

 
**GOVERNMENTAGENCYNOTES - (8.68%)**

 
$

125,000

Fannie Mae, 6.50%, 07/15/09    

 

$

127,263

 
 

500,000

Fannie Mae, 4.00%, 11/09/09    

 

 

510,577

 
 

500,000

Fannie Mae, 5.00%, 07/28/10    

 

 

525,818

 
 

3,000,000

Fannie Mae, 4.00%, 08/18/11    

 

 

3,035,434

 
 

400,000

Fannie Mae, 4.00%, 01/28/13    

 

 

429,104

 
 

500,000

Federal Farm Credit Bank, 4.125%, 07/17/09    

 

 

505,743

 
 

340,000

Federal Farm Credit Bank, 4.50%, 10/04/10    

 

 

356,505

 
 

600,000

Federal Home Loan Bank, 5.00%, 11/03/09    

 

 

615,868

 
 

1,000,000

Federal Home Loan Bank, 4.875%, 03/12/10    

 

 

1,039,131

 
 

185,000

Federal Home Loan Bank, 4.75%, 08/13/10    

 

 

194,137

 
 

970,828

Federal Home Loan Bank, 5.30%, 06/15/12    

 

 

1,032,148

 
 

2,000,000

Federal Home Loan Bank, 4.95%, 07/09/12    

 

 

2,022,791

 
 

1,003,461

Final Maturity Amortizing Notes, 4.10%, 01/25/10    

 

 

1,016,205

 
 

2,522,159

Final Maturity Amortizing Notes, 4.62%, 04/25/10    

 

 

2,575,377

 
 

716,399

Final Maturity Amortizing Notes, 4.10%, 11/25/10    

 

 

731,497

 
 

200,000

Freddie Mac, 4.00%, 09/22/09    

 

 

203,431

 
 

200,000

Freddie Mac, 5.00%, 10/18/10    

 

 

211,677

 
 

 

**TOTAL GOVERNMENT AGENCY NOTES –                                 (Identified cost $14,857,759)**

 

 

**15,132,706**

 
**MORTGAGES - (87.74%)**

 
 

**COLLATERALIZED MORTGAGE OBLIGATIONS – (48.09%)**

 
 

535,000

Fannie Mae, 4.50%, 01/25/14    

 

 

551,130

 
 

68,894

Fannie Mae, 5.00%, 07/25/15    

 

 

69,688

 
 

1,702,335

Fannie Mae, 5.00%, 02/25/17    

 

 

1,748,690

 
 

4,340,493

Fannie Mae, 4.50%, 04/25/17    

 

 

4,452,420

 
 

3,206,140

Fannie Mae, 5.00%, 12/25/17    

 

 

3,279,450

 
 

1,265,000

Fannie Mae, 4.00%, 01/25/19    

 

 

1,304,465

 
 

7,311,168

Fannie Mae, 4.00%, 12/25/20    

 

 

7,529,539

 
 

1,421,858

Fannie Mae, 4.50%, 07/25/21    

 

 

1,435,479

 
 

3,083,542

Fannie Mae, 4.00%, 11/25/22    

 

 

3,110,040

 
 

638,440

Fannie Mae, 5.00%, 08/25/23    

 

 

642,264

 
 

1,404,008

Fannie Mae, 5.50%, 11/25/23    

 

 

1,470,304

 
 

387,357

Fannie Mae, 8.00%, 12/17/24    

 

 

395,855

 
 

493,895

Fannie Mae, 5.00%, 02/25/25    

 

 

501,031

 
 

812,947

Fannie Mae, 5.50%, 11/25/25    

 

 

822,162

 
 

174,902

Fannie Mae, 5.50%, 01/25/28    

 

 

174,746

 
 

1,801,565

Fannie Mae, 5.50%, 06/25/30    

 

 

1,804,348

 
 

655,463

Freddie Mac, 4.00%, 09/15/10    

 

 

667,283

 
 

148,267

Freddie Mac, 5.00%, 08/15/14    

 

 

148,610

 
 

3,417,500

Freddie Mac, 4.00%, 10/15/15    

 

 

3,499,852

 
 

1,610,132

Freddie Mac, 5.00%, 08/15/16    

 

 

1,646,556

 
 

600,000

Freddie Mac, 4.00%, 01/15/17    

 

 

618,726

 
 

5,000,000

Freddie Mac, 4.00%, 01/15/17    

 

 

5,177,247

 
 

1,820,577

Freddie Mac, 5.00%, 01/15/18    

 

 

1,876,086

 
 

1,120,910

Freddie Mac, 4.50%, 09/15/18    

 

 

1,131,113

 
 

5,021,076

Freddie Mac, 4.25%, 03/15/19    

 

 

5,196,436

 
 

3,860,846

Freddie Mac, 5.00%, 12/15/22    

 

 

3,906,566

 
 

4,928,234

Freddie Mac, 4.00%, 08/15/23    

 

 

5,051,353

 
 

354,863

Freddie Mac, 5.00%, 06/15/25    

 

 

360,092

 
 

2,015,352

Freddie Mac, 5.50%, 10/15/25    

 

 

2,031,936

 
 

2,245,814

Freddie Mac, 5.50%, 02/15/26    

 

 

2,261,573

 
 

300,000

Freddie Mac, 5.00%, 05/15/27    

 

 

308,113

 
 

5

 

 

**DAVIS SERIES, INC.**

**Schedule of Investments**

**DAVIS GOVERNMENT BOND FUND - (CONTINUED)**

**March 31, 2009*****(Unaudited)***

 

**Principal**

 

**Security**

 

**Value**

 
**MORTGAGES - (CONTINUED)**

 
 

**COLLATERALIZED MORTGAGE OBLIGATIONS – (CONTINUED)**

 
$

1,886,898

Freddie Mac, 5.00%, 05/15/27    

 

$

1,928,712

 
 

2,000,000

Freddie Mac, 5.00%, 10/15/27    

 

 

2,043,541

 
 

2,195,879

Freddie Mac, 5.50%, 12/15/27    

 

 

2,214,848

 
 

256,265

Freddie Mac, 6.00%, 03/15/30    

 

 

265,808

 
 

1,412,531

Freddie Mac, 5.50%, 01/15/31    

 

 

1,461,491

 
 

1,717,546

Freddie Mac, 4.25%, 06/15/33    

 

 

1,747,825

 
 

95,329

Ginnie Mae, 6.00%, 03/20/14    

 

 

95,468

 
 

833,389

Ginnie Mae, 6.00%, 05/16/30    

 

 

837,073

 
 

5,000,000

Ginnie Mae, 5.00%, 02/16/32    

 

 

5,168,750

 
 

4,793,060

Ginnie Mae, 5.00%, 08/20/32    

 

 

4,861,104

 
 

**Total Collateralized Mortgage Obligations**

 

 

**83,797,773**

 
 

**FANNIE MAE POOLS – (17.58%)**

 
 

151,295

5.50%, 09/01/09, Pool No. 254469  

 

 

151,963

 
 

1,971,614

4.50%, 11/01/09, Pool No. 254566  

 

 

1,986,614

 
 

302,388

4.00%, 08/01/10, Pool No. 254861  

 

 

305,801

 
 

643,808

4.00%, 09/01/10, Pool No. 254901  

 

 

653,042

 
 

2,124,634

3.50%, 04/01/11, Pool No. 255245  

 

 

2,144,135

 
 

479,069

4.50%, 01/01/13, Pool No. 254646  

 

 

494,040

 
 

1,222,536

4.564%, 01/01/15, Pool No. 725788  

 

 

1,260,493

 
 

3,295,504

6.00%, 09/01/17, Pool No. 665776  

 

 

3,462,132

 
 

1,687,237

5.00%, 03/01/18, Pool No. 357369  

 

 

1,759,999

 
 

2,455,509

4.50%, 08/01/18, Pool No. 254833  

 

 

2,547,591

 
 

2,592,734

5.00%, 12/01/18, Pool No. 257504  

 

 

2,703,735

 
 

1,724,939

4.00%, 01/01/19, Pool No. 976841  

 

 

1,768,062

 
 

5,000,000

4.00%, 04/01/19, Pool No. MA0045  

 

 

5,125,000

 
 

171,758

6.50%, 07/01/32, Pool No. 635069  

 

 

182,386

 
 

1,893,451

4.664%, 10/01/32, Pool No. 648917 (a) 

 

 

1,889,827

 
 

1,011,760

4.808%, 05/01/35, Pool No. 826242 (a) 

 

 

1,035,633

 
 

1,430,095

5.066%, 01/01/36, Pool No. 848973 (a) 

 

 

1,474,035

 
 

276,250

5.803%, 03/01/36, Pool No. 843396 (a) 

 

 

272,529

 
 

1,357,026

5.614%, 04/01/36, Pool No. 851605 (a) 

 

 

1,415,989

 
 

**Total Fannie Mae Pools**

 

 

**30,633,006**

 
 

**FREDDIE MAC POOLS – (20.84%)**

 
 

570,700

4.50%, 04/01/09, Pool No. M90914  

 

 

571,881

 
 

1,015,895

4.50%, 07/01/09, Pool No. M90934  

 

 

1,020,246

 
 

364,606

4.50%, 10/01/09, Pool No. M80778  

 

 

367,481

 
 

978,580

5.00%, 02/01/10, Pool No. M90972  

 

 

989,151

 
 

4,699,699

4.00%, 03/01/10, Pool No. M80806  

 

 

4,746,549

 
 

724,879

4.50%, 03/01/10, Pool No. M80807  

 

 

732,577

 
 

5,380,081

4.50%, 05/01/10, Pool No. M80818  

 

 

5,451,927

 
 

692,258

3.00%, 10/01/10, Pool No. M91001  

 

 

690,650

 
 

749,750

4.00%, 11/01/10, Pool No. M80864  

 

 

761,911

 
 

2,918,654

4.50%, 11/01/10, Pool No. M80865  

 

 

2,973,591

 
 

1,094,984

4.00%, 02/01/11, Pool No. M80897  

 

 

1,115,309

 
 

2,181,182

4.00%, 03/01/11, Pool No. M80903  

 

 

2,221,670

 
 

871,825

5.00%, 03/01/12, Pool No. M80963  

 

 

904,923

 
 

851,622

3.50%, 04/01/12, Pool No. M80974  

 

 

863,010

 
 

970,762

4.00%, 12/01/12, Pool No. M81008  

 

 

996,517

 
 

884,954

4.50%, 03/01/15, Pool No. B18794  

 

 

910,205

 
 

1,907,830

5.50%, 12/01/18, Pool No. G11684  

 

 

1,998,452

 
 

2,745,383

5.00%, 05/01/21, Pool No. G13296  

 

 

2,863,177

 
 

6

 

 

**DAVIS SERIES, INC.**

**Schedule of Investments**

**DAVIS GOVERNMENT BOND FUND - (CONTINUED)**

**March 31, 2009*****(Unaudited)***

 

**Principal**

 

**Security**

 

**Value**

 
**MORTGAGES - (CONTINUED)**

 
 

**FREDDIE MAC POOLS – (CONTINUED)**

 
$

1,739,421

5.50%, 06/01/22, Pool No. G12688  

 

$

1,816,064

 
 

641,725

4.527%, 12/01/34, Pool No. 1H1238 (a) 

 

 

647,277

 
 

3,626,392

4.742%, 04/01/35, Pool No. 782528 (a) 

 

 

3,680,698

 
 

**Total Freddie Mac Pools**

 

 

**36,323,266**

 
 

**GINNIE MAE POOLS – (1.23%)**

 
 

2,041,364

6.50%, 09/15/13, Pool No. 780856  

 

 

2,142,518

 
 

**Total Ginnie Mae Pools**

 

 

**2,142,518**

 
 

 

**TOTAL MORTGAGES – (Identified cost $151,329,849)**

 

 

**152,896,563**

 
**PRIVATEEXPORTFUNDING - (0.64%)**

 
 

1,000,000

5.685%, 05/15/12   

 

 

1,114,199

 
 

**TOTAL PRIVATE EXPORT FUNDING – (Identified cost $1,100,276)**

 

 

**1,114,199**

 
**SHORTTERMINVESTMENTS - (2.97%)**

 
 

1,991,000

Banc of America Securities LLC Joint Repurchase Agreement,

 
 

0.22%, 04/01/09, dated 03/31/09, repurchase value of $1,991,012

 
 

(collateralized by: U.S. Government agency mortgage in a pooled cash account, 5.00%, 07/01/35, total market value $2,030,820)

 

 

1,991,000

 
 

1,594,000

Citigroup Global Markets, Inc. Joint Repurchase Agreement,

 
 

0.15%, 04/01/09, dated 03/31/09, repurchase value of $1,594,007

 
 

(collateralized by: U.S. Government agency mortgages in a pooled cash account, 4.00%-6.525%, 04/01/18-03/01/39, total market value $1,625,880)

 

 

1,594,000

 
 

1,194,000

Goldman, Sachs & Co. Joint Repurchase Agreement,

 
 

0.12%, 04/01/09, dated 03/31/09, repurchase value of $1,194,004

 
 

(collateralized by: U.S. Government agency mortgages in a pooled cash account, 4.00%-8.50%, 04/01/15-03/01/39, total market value $1,217,880)

 

 

1,194,000

 
 

398,000

Mizuho Securities USA, Inc., Joint Repurchase Agreement,

 
 

0.30%, 04/01/09, dated 03/31/09, repurchase value of $398,003

 
 

(collateralized by: U.S. Government obligation in a pooled cash account, 3.875%, 09/15/10, total market value $405,960)

 

 

398,000

 
 

**TOTAL SHORT TERM INVESTMENTS – (Identified cost $5,177,000)**

 

 

**5,177,000**

 
 

Total Investments – (100.03%) – (Identified cost $172,464,884) – (b)

 

 

174,320,468

 
 

Liabilities Less Other Assets – (0.03%)  

 

 

(50,196)

 
 

Net Assets – (100.00%)  

 

$

174,270,272

 
 

(a)

 

The interest rates on adjustable rate securities, shown as of March 31, 2009, may change daily or less frequently and are based on indices of market interest rates.

 

 
 

(b)

 

Aggregate cost for federal income tax purposes is $172,464,884.  At March 31, 2009 unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

 

 
 

Unrealized appreciation  

 

$

2,024,822

 
 

Unrealized depreciation  

 

 

(169,238)

 
 

Net unrealized appreciation 

 

$

1,855,584

 
 

Please refer to "Notes to Schedule of Investments" on page 21 for the Fund's policy regarding valuation of investments.

 

 
 

For information regarding the Fund's other significant accounting policies, please refer to the Fund's most recent Semi-Annual or Annual Shareholder Report.

 

 
 

7

 

 

**DAVIS SERIES, INC.**

**Schedule of Investments**

**DAVIS GOVERNMENT MONEY MARKET FUND**

**March 31, 2009*****(Unaudited)***

 

**Principal**

 

**Security**

 

**Value**

 
**FANNIEMAE - (6.44%)**

 
$

2,400,000

3.85%, 04/14/09   

 

$

2,401,282